The United States has banned oil and gas imports from Russia due to a military strike in Ukraine. As a result, the price of fuel oil suddenly skyrocketed in the international market. Later it decreased again. Analysts say the United States has little reliance on Russian oil. Therefore, in the long run, the impact of sanctions on the oil market may not be felt. However, the United States has already begun looking for alternative sources of Russian oil. News Reuters and Al-Jazeera.
Crude oil traded at ১ 111.81 a barrel in international trade on Friday, up ২ 2.48 cents a barrel from the previous day. Similarly, West Texas Intermediate (WTI) rose ২ 2 per barrel to ৮ 106 for zero cents. The previous day, the price of the fuel product had decreased by 2.5 percent.
The Reuters report said that despite the rise on Friday, the last week’s weekly oil price fell to its highest level since November at 5.2 percent. However, due to the US sanctions on Russian oil, the price of oil exceeded ড 139 per barrel last Monday. This is the highest price record for a fuel product in the last 14 years.
Jeffrey Haley, a market analyst at Wanda Corporation, a US foreign exchange company, said the European Union (EU) was heavily dependent on Russian oil and gas. It is clear that the EU may not be involved in Washington’s and London’s sanctions on Moscow’s energy sector. This is mainly due to the sudden rise in the price of fuel oil, which has since declined.